|Approval Date||01 Apr 2020|
|Signature Date||02 Jul 2020|
|Planned Completion Date||31 Dec 2023|
|Last Disbursement Planned Date||31 Dec 2023|
|Sovereign / Non-Sovereign||Sovereign|
|DAC Sector Code||24030|
The present operation concerns a UA 400,000 supplementary loan from African Development Fund (ADF) to the Islamic Republic of Mauritania to finance the Financial Infrastructure Modernisation Support Project (PAMIF). The PAMIF, designed on the basis of the recommendations of the Financial Stability Assessment (FSAP 2015), is considered as a starting point for the establishment of the basic infrastructure of the financial sector in the country. The project will contribute to creating the necessary conditions for a sustained economic recovery, in particular by improving the financing of economic activities to further support the development of the private sector, the main engine of growth. The project is divided into two main components. The first component is aimed at modernizing the national payments system and setting up an information system at the Central Bank. The second component, relating to the modernization of foreign exchange operations and strengthening the stability of the financial sector, will make it possible to support the implementation of the exchange rate policy through the installation of an interbank market trading room change; and the establishment of supervision tools for the banking and microfinance sectors, which have seen significant development in recent years.
The overall objective of the project is to help build the capacity of the BCM for the development of the Mauritanian financial sector. The specific objectives of the project are: (i) establishment of the national payments system; (ii) modernize the BCM's information system; (iii) support the implementation of the exchange rate policy by setting up an interbank trading room for foreign exchange transactions; and (iv) strengthen the stability of the banking and microfinance sector.
The direct beneficiaries of the project are: (i) the central structures of the BCM in charge of the development and maintenance of the stability of the financial sector, but also the public authorities who will be better able to manage the foreign exchange reserves across the room interbank market; (ii) economic operators, who will benefit from an automated payment system that will reduce the costs and delays of financial transactions, and better access to finance for the development of their activities, in particular in foreign currencies for acquisition of production equipment; (iii) the different segments of the population, especially women and young people carrying projects, through the development of the microfinance sector, which offers new opportunities for financial inclusion throughout the country.
African Development Fund
GOUVERNEMENT DE MAURITANIE MINISTERE DES "FINANCES,DIRECTION DE LA DETTE EXTERIEU
|Last Update||07 Aug 2020|
|Name||MAHAMOUD HOUSSEIN Ismail|